The U.S. economy has long been a critical barometer used to measure political approval and the feelings of voters. Politicians have watched their public appeal plummet when Americans struggle financially.
George H. W. Bush was extraordinarily popular in March 1991. His administration had led the United States through a successful military campaign in Kuwait. But then the unthinkable happened. An economic recession hammered on Bush’s national appeal.
By August 1992, 64 percent of Americans disapproved of his performance as president. Americans were hurting financially. Economic woes across the nation destroyed the re-election bid of a once highly popular president.
Long-time liberal pundit James Carville put it succinctly, “It’s the economy, stupid.” That phrase helped propel Bill Clinton into the White House. Politicians have since used this economic barometer of public sentiment as a key to their future fortunes. If so, Joe Biden is in big trouble.
Inflation is an important aspect of the American economy. When the inflation heats up, the logical result is American’s can do less with the money they have. One year into the failing Joe Biden presidency, the United States is experiencing the worst inflation in 40 years.
Americans are growing more alarmed every day. Recent polls show that nearly two-thirds of the country feels the Biden administration is not doing enough to address this economic crisis. Some 80 percent of Americans say they are extremely worried about the current spike in prices.
During the first few months of this inflationary crisis, the Biden administration kept parroting illogical explanations. Each of his so-called economic experts said the sudden spike in inflation was “transitory”. It’s okay, everyone, “this will magically go away”. Besides, “you can afford it.”
It has not gone away. Inflation is worse. Biden’s “experts” either missed the mark horribly, or they were lying. Rand Paul thinks it was more of the latter. The Kentucky Senator is the ranking Republican on the Senate Committee on Small Business and Entrepreneurship.
Paul has just released an 18-page report entitled “The Hidden Tax”. The recently released report on troubling inflation insists that Joe Biden’s liberal spending spree has fueled the out-of-control spike in consumer prices. It’s affecting everything from groceries to gas prices.
Paul points to the immediate impact that massive COVID-related spending legislation had on the economy. The vocal Senator says, “$4.9 trillion in COVID-19 stimulus spending has led to one of the highest and most sustained levels of inflation in U.S. history.”
The Kentucky Senator also voiced his opposition to an excessive infrastructure bill that squeaked through Congress. Thankfully, as the Biden administration attempted to ramrod more destructive federal spending through, at least one moderate Democrat hit the brakes.
Another $1.9 trillion, or more, in spending would have sent the U.S. economy over the edge. West Virginia Democrat Joe Manchin had enough common sense to see this was a horrible policy decision. Build Back Better ran into a brick wall.
However, many feel the effects of ill-advised government spending have already damaged the economy. Harvard University economist Kenneth Rogoff feels this current spike in inflation will last at least two more years, maybe longer.
Rogoff warns that even the slightest wrong move by the U.S. Federal Reserve could damage economic growth even more. But Joe Biden and his liberal cronies in Congress are still trying to navigate a way towards passing another insane government spend and tax bill.
Joe Biden is not concerned about the inflation that is a “hidden tax” on hardworking Americans. This uncontrolled spike in consumer prices hits the lower and middle-income families worse than any. It is inexcusable.
Paul’s report supports these facts. Data in the report shows that “71 percent of households making under $40,000 annually have indicated economic hardships from rising prices, as opposed to just 29 percent of households making $100,000 or more.”
Over 80 percent of the small businesses in America reported having to raise prices across the last several months. Nearly 90 percent of these same small business owners are extremely concerned about the current inflation crisis. Again, Joe Biden and his economic parrots are not.
This is an obvious indicator of how out of touch liberals are with everyday Americans. They couldn’t care less about what problems most concern the nation. They are tone-deaf. All they want to do is spend, spend, and spend some more. This spending triggers a “hidden tax”.
Despite freezing “Build Back Broke” in its tracks, much of the damage is already done. Americans are shouldering the burden of horrible liberal economic policy. With little chance of relief, expect the economy to be a major issue ahead of the November 2022 midterm elections.
Joe Biden’s abysmal approval ratings are a concern for every Democrat seeking re-election. However, to coin the words of one of their own, “It’s the economy, stupid.” Experts are predicting a Republican “red wave” in the midterms. Watch closely as the “wave” becomes a “red tsunami.”